Short Term Profit Taking on Gold

If you're a long term investor in gold--and in this environment, you should consider it--just hold out.  If you need to add to your position, it appears we are about to have a short term pullback.  If you're a trader, our indicators are showing to take short term profits here.  There is a chance at an intermediate term pullback either now or in the very near future.  Support is at 1070, though we will be looking at 1040 and 1024 as likely areas for gold to touch during this move.  We will update when we believe it is time to accumulate again.

Meanwhile, expect the dollar to trade in a flat, but tight range as it has this week.  We do not expect significant dollar rise, but more sideways action--for now.